Skandia Greenpower has not so far succeeded in finding strategic solutions or raising equity capital and accordingly it is uncertain whether shareholder value will be secured

03 Feb 2023 13:30 CET

Reference is made to the stock exchange release from Skandia Greenpower (the
"Company") on 15 November 2022 where the Company announced that it had engaged
Pareto Securities as financial advisor to consider broader strategic
alternatives for the Company.

The Company's board of directors and the Company's financial advisor has worked
consistently to find strategic solutions for the Company, including to explore
various alternatives for raising new equity capital. Although a wide specter of
strategic solutions has been considered and progress has been made, the Company
has not been able to successfully conclude a transaction with any third party
and neither has it succeeded in obtaining sufficient support to raise equity
capital.

The Company and the board of directors will together with the Company's
financial advisor continue to work intensively to find solutions for the
Company, including seeking any alternatives that could secure continued
operations for the Company. The board of directors will also welcome proposals
from shareholders or other stakeholders. However, it is currently uncertain
whether the Company will be able to find a solution that will secure value for
the shareholders.

Contact person:
Erik Edvard Tønnesen,
Chair of the Board
e-mail: erik@skagerakcapital.com
Phone: +47 908 81 948

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